Bank of America Q2 profits jump 27% on trading strength
Bank of America just had a standout second quarter, with profits up 27% compared to last year.
The bank pulled in $9.1 billion in net income and earnings per share climbed to $1.21, beating Wall Street's expectations.
Revenue rose by 15%, thanks to strong trading, a rebound in investment banking, and steady lending.
Global markets revenue surges 33%
Global Markets was the star, with sales and trading revenue jumping 33%, fueled by a massive 70% boost in equities trading.
Investment banking fees surged 50% as more companies sought advice and underwriting deals.
Consumer banking stayed solid too, bringing in $11.3 billion plus a 9% rise in card spending.
Wealth management revenue rises 16%
Wealth management saw revenue grow by 16%, with client balances reaching $4.9 trillion.
Credit losses dropped to $1.37 billion, while net charge-offs fell to just 0.47%.
CEO Brian Moynihan credited strong consumer spending and lower energy costs for the bank's strong showing this quarter.